The term “scrap gold” refers to gold that is sent to a refiner to be melted down and recycled.
A common unit of measure for scrap gold is pennyweight (abbreviated as “dwt”).
1 pennyweight (1 dwt) is approximately equal to 1.555 grams, 0.05 troy ounces, or 0.055 ounces.
Alternatively, 1 gram equals 0.64 pennyweights, 1 troy ounce equals 20 pennyweights, and 1 ounce is equal to 18.23 pennyweights.
The value of scrap gold depends on two main factors: weight and purity.
Therefore, if you know the price of gold per unit of weight and you also know the karat of a piece of gold jewelry, you can estimate its value as scrap gold.